https://x.com/tftc21/status/1930318424468795427?s=46

Are you a paying attention…?

California just passed a bill to seize #Bitcoin left idle on exchanges.

After 3 years of inactivity, assets can be taken by the state under 'Unclaimed Property' laws.

Bill now heads to the Senate. https://t.co/nl1pQPWkvW

TFTC

This is egregious. Make sure you take self custody of your bitcoin.

This is nothing insidious- check the thred here (https://t.co/gby4ZHzlrw) to understand why California extending its escheatment laws to cover digital assets held by third parties is consistent with centuries of consumer protection.

Drew Hinkes

@quicknode GTM | /startupradar                                 rants and travel photos are my own

https://x.com/propelforward/status/1930371417234911342?s=46

This is my favorite argument from him:

https://x.com/propelforward/status/1930355210507170289?s=46

roflcopter … bc working w the govt is so seamless. No bureaucracy, no red tape no can kicking, just a quick and easy process to get your money back…

So you have to basically not transact for 3 years, not access your account for 3 years, AND ignore email and snail mail communications for 3 years. At that point, the entity would transact your assets to the temporary control of the state's custodian 3/x

oh noes! But not really. Because under the escheatment statute, all you have to do is go to the state website and search for your name (https://t.co/xhti2BGOWe) fill out some forms, show ID and ....you get your stuff back. 4/x

lawyer and investor @ True Ventures / fmr GC @Paradigm, @Circle, DHS / law, tech, policy, security, crypto
 / coldebella.substack.com